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#BTC, #ETH, #XRP Treasury Firms Hit Hard Amid Crypto Crash- Will Wall Street Hold Or Sell?
Companies holding Bitcoin, Ethereum, and XRP are facing deep valuation drops.
This comes amid a month-long market downturn in October.
Analysts warn that many DATs are operating their treasury like speculative bets.
Crypto treasury firms holding BTC, ETH, and XRP are seeing unrealized losses in their portfolio. This is amid the recent month-long downturn in the market that exposed the risks of holding crypto as treasury assets.
Crypto Treasury Firms Face Steep Valuation Losses
The crypto crash has wiped billions from company treasuries that invested eavily in digital assets. Market data shows that top crypto treasury firms have watched their valuations plummet as prices tumbled sharply throughout October, including those with heavy exposure to BTC, ETH, and XRP.
CryptoQuant shared a recent analysis highlighting the losses. Evernorth, who barely entered the market for XRP, has logged around $78 million in unrealized losses. This comes just more than two weeks after investing almost $947 million into the token. Current holdings are around $868 million.
Bitcoin and Ethereum treasuries have also taken a heavy hit. Strategy has shed more than 50% from its stock price. The shares now change hands at the low end of their valuation range relative to Bitcoin.
At the same time, Japan’s Metaplanet is sitting on an unrealized loss of about $120 million. Its stock is also down nearly 80% from its peak.
Importantly, BitMine added 442,000 ETH to its Ethereum reserves after the market wipeout on October 10. However, it still reports an estimated $2.1 billion in paper losses.
Expert Questions the Sustainability of DATs
Some experts are concerned that certain companies may be looking at crypto treasury strategies as leveraged bets rather than as protection for their long-term finances. Omid Malekan, blockchain author, criticized the wave of “digital asset treasuries” (DATs).
He suggested that many were set up as “get-rich-quick schemes” rather than disciplined corporate initiatives.
Malekan mentions that many DAT projects started off with unrealistic expectations. These issues lowered their value even before the companies started operating.
He mentioned that some founders and venture capitalists place themselves on boards. This creates conflicts of interest, encouraging quick selling of tokens. This is a case he said has increased selling pressure in the crypto market.
“Many of these projects became exit vehicles for insiders,” said Malekan. “By releasing their unlocked tokens into the market, they accelerated price declines and shattered investor trust.”
The loss in value occurred earlier when expert ETF analyst Nate Geraci suggested the new crypto ETF standard could affect the valuation for many digital asset treasury firms.
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This performance reflects institutional interest in Solana's layer-1 blockchain, known for its transaction speed and low fees, amid a broader market rotation away from dominant cryptocurrencies.
Launch and Initial Trading Activity
The U.S. introduction of Solana ETFs marked an expansion of regulated investment vehicles for digital assets, following approvals for similar products tied to Bitcoin and Ethereum. On launch day, October 28, 2025, the ETFs collectively drew $69.5 million in net inflows, with BSOL accounting for $69.45 million of that total.
BSOL, listed on the New York Stock Exchange, posted $56 million in first-day trading volume, setting a record for the strongest ETF debut across all categories in 2025. This volume underscores demand for Solana exposure, particularly through funds that incorporate staking to generate yields.
Staking integration distinguishes BSOL, which allocates 100% of its holdings to SOL tokens and uses staking to provide an average annual yield of about 7%. Staking involves locking tokens to support network validation and earning rewards, which the ETF passes on to shareholders after fees.
GSOL, managed by Grayscale Investments, operates as a trust that provides direct SOL exposure without staking. However, it recently waived sponsor fees to 0% for up to 3 months or until it reaches $1 billion in AUM to attract more capital. SOLM, launched by Amplify ETFs on November 4, 2025, adds an options strategy aiming for 3% monthly income alongside Solana price tracking.
Trading Activity
Over the subsequent days, inflows continued steadily. From October 29 to 31, cumulative inflows across products totaled $127.7 million, bringing the four-day total to $199.2 million.
November 3 saw $70 million in net inflows, the highest single-day figure since launch, split among BSOL and GSOL. On November 4, inflows amounted to $37.3 million, with BSOL contributing $36.5 million and GSOL adding $0.8 million, coinciding with SOLM's debut. November 5 brought $9.7 million more, including $7.5 million for BSOL and $2.2 million for GSOL, marking seven consecutive days of positive flows.
Weekly inflows for Solana ETFs totaled $89.9 million, outpacing Bitcoin's $16.2 million and Ethereum's $57.6 million during the same timeframe. In contrast, Bitcoin ETFs recorded $137 million in outflows on November 5 alone, while Ethereum ETFs saw $118.5 million in outflows. Combined outflows for Bitcoin and Ethereum products recently approached $800 million, highlighting a shift toward alternatives such as Solana.
Factors Driving Inflows Amid Price Volatility
Despite SOL's price dropping below $180 and entering bear-market territory amid broader crypto market conditions, ETF inflows have remained positive. Several reports have pointed to capital rotation into high-performance layer-1 networks, where Solana offers transaction throughput exceeding 2,000 per second and fees often below $0.01 per transaction. The blockchain's Decentralized Finance (DeFi) total value locked (TVL) exceeds $10 billion, with stablecoin marketcap nearing $15 billion, supporting ecosystem utility.
BSOL alone amassed over $417 million in its first week, including seed capital, demonstrating appeal to institutional investors seeking yield through staking. Inflows represent purchases of ETF shares, which issuers convert into SOL holdings, indirectly increasing token demand.
Bitwise's chief investment officer noted that persistent inflows during price dips suggest exhausted selling pressure and potential market bottoms. International Solana-linked products provide context: a Canadian ETF reached $90 million in AUM within 2 days, and global inflows hit $145 million per day in September 2025, elevating total AUM to $4.1 billion.
Projections from Grayscale executives estimate U.S. Solana ETFs could attract up to $5 billion in inflows, potentially absorbing a notable portion of SOL's circulating supply. This could influence tokenomics by reducing the trading supply, though the impact depends on market dynamics.
Conclusion
Solana ETFs have demonstrated consistent net inflows and AUM growth of more than $502 million in their initial week, driven by features such as staking yields, amid outflows from Bitcoin and Ethereum products. Key announcements from issuers such as Bitwise, Grayscale, and Amplify highlight product structures aimed at yield and income, while broader indicators point to institutional rotation into Solana's efficient blockchain.
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​It's official. The U.S. government shutdown, which began on October 1st, has now entered its 35th day. This makes it the longest continuous government shutdown in the nation's history, surpassing the 34-day shutdown of 2018-2019.

​But while large parts of the government remain unfunded and inactive, one function has continued at a relentless pace: borrowing. Since the shutdown began, the U.S. government has borrowed an astonishing $600 billion in new debt.
​This breaks down to an average of +$17 billion per day. Here’s what’s happening.
​❍ How Can the Government Borrow If It's Shut Down?
​This is the central paradox of the shutdown. A "shutdown" only applies to discretionary spending—the funding Congress must approve each year for agency operations, national parks, and federal worker salaries.
​What it doesn't stop is mandatory spending. This includes things like Social Security, Medicare, and, most critically, interest payments on the national debt. The U.S. Treasury must continue to make these payments to avoid a catastrophic default. To do this, it continues to issue new debt (T-bills, notes, and bonds) to pay off maturing old debt and cover the interest.
​❍ The $17 Billion Per Day Burn Rate

​The $600 billion figure, or $17 billion per day, is a stark illustration of the government's baseline cash burn. Even with thousands of workers furloughed and many services halted, the government's core financial obligations are so immense that they require massive daily borrowing to manage. This figure reflects the sheer scale of the nation's deficit spending and debt service, which runs completely independent of the political negotiations holding up the discretionary budget.
​Some Random Thoughts 💭
​The irony is brutal. A government shutdown, often politically justified as a fight over fiscal responsibility, is occurring while the nation borrows $17 billion every single day just to keep the lights on and service its existing obligations. It perfectly highlights how the political debate over a few billion dollars in discretionary spending is a rounding error compared to the non-negotiable, multi-trillion-dollar mandatory spending and debt machine that runs 24/7, shutdown or not.

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For most of its history, Bitcoin has been seen as digital gold, a profoundly secure store of value, but one that couldn't be used for complex applications. This lack of programmability and scalability has locked trillions of dollars of capital in place. BitcoinOS (BOS) is being built to change this by creating a "programmable skin" for the Bitcoin network.

​Think of Bitcoin as the world's most secure vault (the L1 settlement layer). BitcoinOS is the high-tech, multi-story factory and shipping network (the L2 execution layer) built directly on top of that vault. It allows developers to build anything from dApps to complex financial services, all powered by the "gold" in the vault (BTC) and secured by the vault's same impenetrable walls (Bitcoin's security). It's an open protocol designed to extend Bitcoin's utility from just a monetary network into the foundational settlement layer for a new internet economy.

❍ ​Key Features & Components

​The BitcoinOS protocol is built on a set of core technologies designed to bring full programmability to Bitcoin without compromising its core principles.

​True Bitcoin L2s: BOS is an infrastructure for "rollups" that are considered true Bitcoin Layer 2s. They don't just use a sidechain; they post their state data back to the Bitcoin L1, allowing them to inherit its full security.

​Bitcoin-Native Gas: A key feature of these L2s is that gas fees are paid in native BTC, not a separate token, making the user experience seamless for existing Bitcoin holders.

​BitSNARK & Grail Technology: This is the core cryptographic engine. BitSNARK is a technology that allows for the verification of zero-knowledge proofs on the Bitcoin network. Grail is the trustless bridging technology that uses these proofs to allow users to move their BTC from L1 to L2s and back without counterparty risk.

​Programmability: BitcoinOS enables Turing-complete smart contracts, allowing developers to build complex DeFi, gaming, and other dApps that were previously impossible on Bitcoin.

❍ ​How It Works

​BitcoinOS creates a new, scalable execution layer while anchoring its security to the Bitcoin mainnet.

​🔸 Off-Chain Execution

Decentralized applications and smart contracts run on a high-speed BitcoinOS Layer 2. This execution environment processes thousands of transactions at a low cost, bypassing the limitations of the Bitcoin L1.

​🔸 ZK-Proof Generation (BitSNARK)

After processing a batch of transactions, the L2 network uses BitSNARK technology to generate a single, compact zero-knowledge proof. This proof cryptographically proves that all transactions in the batch were valid, without needing to show all the data.

​🔸 On-Chain Settlement

This small ZK-proof is then submitted as a transaction and verified on the Bitcoin L1. By verifying this single proof, the Bitcoin network effectively validates and secures the entire batch of thousands of L2 transactions, anchoring the L2's state to Bitcoin's unmatched security.

​🔸 Trustless Bridging (Grail)

The Grail technology uses a similar proof-based system to manage a trustless bridge. When a user sends BTC to the L2, the protocol can prove on the L2 that the funds are locked on L1. When they bridge back, it proves on L1 that the funds were burned on L2, allowing the L1 funds to be unlocked.

❍ ​Its Importance

​The importance of BitcoinOS lies in its potential to finally unlock the largest and most trusted pool of capital in the crypto industry. It directly addresses Bitcoin's core limitations without requiring any changes to the main protocol, preserving its stability. By enabling true scalability, it makes Bitcoin viable as a medium of exchange for everyday applications. By adding programmability, it transforms the multi-trillion-dollar BTC asset from a passive store of value into a productive, yield-bearing asset that can power a new generation of DeFi services. This solves network fragmentation by creating a secure, unified ecosystem for dApps that all settle to the most decentralized blockchain in the world.

❍ ​Token Utility

​While the BitcoinOS network is designed to use native $BTC for gas fees, it also has a native protocol token, $BOS which is central to the network's security, incentive alignment, and value accrual.

​⚡ Staking for Network Security

A decentralized network of nodes is required to perform critical tasks that Bitcoin L1 cannot, such as generating ZK proofs, monitoring for fraud, and providing data verification. These node operators are required to stake BOS to participate, with their stake acting as an economic bond that can be slashed for malicious behavior.

​⚡ Buy-and-Burn Mechanism

The protocol's economic engine is designed to accrue value from network activity. A portion of the fees (which are paid in BTC) is used by the protocol to automatically buy BOS from the open market. These purchased tokens are then burned, creating a deflationary pressure that directly links network usage to the scarcity of the BOS token.

​⚡ Node Incentives

In return for their services (generating proofs, monitoring the network, etc.) and staking BOS, node operators earn their rewards in BOS tokens. This creates the supply-side incentive to keep the network secure and performant.